British Chancellor of the Exchequer Rachel Reeves sought tax increases and savings in a budget to stabilize public finances. Reeves' claim to seek a £40 billion budget is facing growing opposition in the cabinet. Earlier, Reeves said that the British Labour Party government “inherited” the £22 billion fiscal loophole from the previous administration.

British Chancellor of the Exchequer Rachel Reeves sought tax increases and savings in a budget to stabilize public finances. Reeves' claim to seek a £40 billion budget is facing growing opposition in the cabinet. Earlier, Reeves said that the British Labour Party government “inherited” the £22 billion fiscal loophole from the previous administration.